Valorem to Commence Work Program on Wing Pond Gold Property

Vancouver, CANADA


VANCOUVER, British Columbia, April 21, 2021 (GLOBE NEWSWIRE) -- VALOREM RESOURCES INC. (the “Company” or “Valorem”) (CSE: VALU) (Frankfurt: 1XW1). Further to the Company's announcement on April 19, 2021 regarding the receipt of exploration permits for its Wing Pond (Shear) Gold Property, the Company is pleased to report that it will be commencing field exploration work shortly.

Initial work will consist of geological mapping, prospecting and a preliminary till-sampling program, commissioned through Overburden Drilling Management of Nepean, Ontario. Exploration will commence this week in preparation for an inaugural drilling campaign later in the year.

Mr. Tony Louie, CEO of the Company commented, “We are very excited to begin working in the Gander Gold camp. We are fully funded to compete this planned exploration campaign and look forward to getting started in the coming days.”

The Wings Shear Property consists of 280 claim units covering 7,000 hectares. The property covers a 1 km untested and potentially gold-hosting trend, located 32 km northeast of the town of Gander, Newfoundland and Labrador and approximately 27 km east of Newfound Gold Inc.’s Queensway Project.   The trend is hosted by the Wings Pond Shear Zone and historic sampling is reported with assay results up to 12.2 g/t Au from grab samples. There has been no previous drilling in this area.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a2b68b2f-2418-4087-93e6-12e27762ed99

Highlights

  • Regional-scale land package covering deep-seated structural zone, parallel to the structural trend underlying Newfound Gold’s Queensway Project.
  • Greenfield project with drill targets identified.
  • No prior drilling on the zone.
  • Assays of grab samples of up to 12.2 g/t Au.
  • The Wing’s Pond mineralized trend has been traced for a strike length of 1.0 km, and channel sampling at the main Wings Pond showing returned assays of up to 9.8 g/t Au over 1.0 metres.
  • Additional gold mineralization was found associated with brecciated quartz veins within the clastic sedimentary Indian Bay-Big Pond Formation. This formation is exposed over a strike length of 14 km and is 1.2 km wide.
  • Additional channel samples from the main Wings Pond showing assayed 1.49 g/t Au over 1.0 m and 0.92 g/t Au over 1.0 m.

Note: Valorem has relied on information in assessment reports filed with the NL government, and from information in MODS (Mineral Occurrence Data System), published by the Newfoundland and Labrador Department of Natural Resources. The surface grab samples described in this news release are selective in nature and are unlikely to represent average grades of the property.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c756a61a-3cbe-4b9b-a3b9-015fc7d64848

Qualified Person:

Dr. Stephen Amor, PhD, PGeo, technical advisor to the Company, is the Qualified Person as defined by National Instrument 43-101 who has reviewed and approved the technical data in this news release.

About Valorem Resources Inc.

Valorem explores and develops precious metal properties in the Americas.

For further details and maps, please see:

https://valoremresources.com/ 

ON BEHALF OF THE BOARD - Valorem Resources Inc.

Tony Louie, Interim CEO and Director

Email: info@valoremresources.com 

This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, including the likelihood of commercial mining and possible future financings are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include unsuccessful exploration results, changes in metals prices, changes in the availability of funding for mineral exploration, unanticipated changes in key management personnel and general economic conditions. Mining is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on the Company and the risks and challenges of its business, investors should review the Company's annual filings which are available at www.sedar.com.

 


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